An oligopoly with two firms is known as:

A. a duopoly.
B. a two-opoly.
C. a double market.
D. duopolistic competition.


A. a duopoly.

Economics

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Which of the following will increase the natural unemployment rate?

i. a minimum wage set above the equilibrium wage rate ii. efficiency wages iii. union-negotiated wages A) i only B) i, ii and iii C) i and ii D) ii and iii only E) i and iii only

Economics

An appropriate fiscal policy response when aggregate demand is growing at a faster rate than aggregate supply is to decrease the money supply

Indicate whether the statement is true or false

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If the price level should increase in the near term due to decreases in the short-run aggregate supply, the result would be

A) demand-pull inflation. B) demand-pull recession. C) cost-push inflation. D) cost-pull expansion.

Economics

To avoid double counting when GDP is estimated, economists:

(a) Calculate using GDP deflator; (b) Calculate using retail prices; (c) Calculate the value added of production; (d) Calculate using the prices of intermediate goods only.

Economics